Chainlink increased its reserves while LINK traded under pressure. In June, the project added 593,088 LINK, valued at more than $4.6 million, bringing the Chainlink Reserve balance to 4,504,167 LINK. At the same time, traders were focused on the token’s test of the $7.29 support area, which has become the main near-term technical level.
$7.29 support is now the key level for LINK
Market analyst Alpha Crypto Signal said LINK had given back much of its earlier advance after a reverse V-shaped move on the daily chart. That retracement left sentiment cautious, and attention shifted to a horizontal neckline support zone that market participants have been watching closely as selling pressure built up.
According to the analyst, a hold above this area could allow a relief bounce toward $8.64. A daily close below support would point to a weaker chart structure and give sellers more control, raising the risk of a deeper decline.
Reserve balance rises as Chainlink keeps accumulating
Even with price weakness in place, Chainlink continued to add to reserves through June. The report said Chainlink, known for its decentralized oracle network that connects external data with smart contracts, is being watched closely because of its role in DeFi, tokenized real-world assets, and cross-chain applications. The latest reserve addition is being viewed as part of its effort to support ecosystem development and maintain long-term financial resilience.
With reserves now larger, the market is also paying attention to how Chainlink positions itself across DeFi, tokenized real-world assets, and cross-chain infrastructure. The article noted that a stronger treasury structure is seen by some observers as a sign of confidence in the project’s long-term strategy.
Broader market caution is still limiting upside
Reserve accumulation has not removed the immediate price pressure on LINK. The source said caution across the wider crypto market, along with Bitcoin’s sideways movement, remains one of the main reasons upside momentum has stayed limited. The treasury move and the short-term chart have not moved in the same direction.
For now, traders are watching the range defined by $7.29 on the downside and $8.64 on the upside. Whether support holds or breaks on a daily close is likely to shape the next short-term move and offer a clearer read on sentiment around LINK.